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2024-04-05-accounts

Charity Number 1003867

H. & M. CASTANG CHARITABLE TRUST

ANNUAL REPORT AND STATEMENT OF ACCOUNTS

FOR THE YEAR ENDED 5TH APRIL 2024

Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE

H. & M. CASTANG CHARITABLE TRUST CHARITY NUMBER 1003867 ANNUAL REPORT FOR THE YEAR ENDED 5[TH] APRIL 2024

Page 1.

The trustees present their report with the financial statements of the charity for the year ended 5[th] April 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Trust is registered with the Charity Commission and was created by a Deed of Trust dated 12[th] July 1991 whereby Miss Hilda Castang settled funds on the Trustees (at that time herself, Michael Boyde Glynn and Ian Anthony Burman) to be used “for or towards such charitable purposes as the Trustees at their sole and absolute discretion think fit” (Clause 6.1).

The Settlor’s brother Max Castang, who had recently died, had suffered from Cerebral Palsy from birth and the Settlor wished particularly for the Charity to use its resources for “the promotion of research into the causes of and the alleviation of all forms of mental and physical handicap or disability and the publication of the useful results of such research and the relief of persons suffering from the same by the provision of financial assistance” (Clause 6.2(a)).

Initially, the Trustees used income to make grants to charities involved in caring for the mentally and physically disabled but as they became more aware of the problems involved it became clear that funding for research into the underlying causes of mental and physical disability was much needed.

To this end the Trustees have recruited individuals with medical knowledge to assist the Trustees deliberations.

The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income and all or such part or parts of the capital for or towards such charitable purposes as the Trustees at their sole and absolute discretion think fit, and in particular for the promotion for the public benefit of research into the causes and alleviation of neurodisability in childhood and publication of the useful results of such research.

Investment Policy

The Trust has power to invest in such assets as it sees fit. The Trust’s policy is to invest in a range of fixed interest stocks and equity shares and the portfolio is managed by Charles Stanley & Company Limited, the Trust’s stockbrokers. The Investments are held by ROCK (Nominees) Limited, Cofunds and Euroclear. The Trustees require a broad spread of investments, without restriction on the basis of ethical considerations, a low to medium risk to capital and an annual income of approximately £85,000. Approximately 96% of the income requirement has been met this year and a similar level is anticipated for 2024/25. The value of the investments has decreased by 7% in the year.

The Trust holds a variety of cash deposits to provide varying degrees of liquidity.

Grant Making Policy

The Trustees consider applications for grants at each meeting. Applications are submitted to the Foundation and if necessary are peer reviewed by a Trustee prior to the next meeting. The Trustees may request further information. The Foundation has also entered into a collaborative arrangement with the British Academy of Childhood Disability who put forward projects for the Foundation to support.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Trustees held two meetings in the year, on 17 May 2023 and 15 November 2023.

The Trustees reluctantly, and with the agreement of the British Academy of Childhood Disability (BACD), withdrew the grant offered to the team led by Sarah Martin-Denham at University of Sunderland to assess whether children identified in school census as having learning difficulties had appropriate paediatric clinical assessments. Little or no progress been made in the previous 12 months and the Trustees considered that the study was taking too long to get itself into a position to make any real progress.

The long standing BACD Funding Award sponsored by the Foundation on a study carried out at University of Birmingham led by Dr Caroline Richards on identifying young children at the highest risk for developing severe challenging behaviour resulted in the publication of two PhD dissertations on the results of the study.

The Foundation continues to work in partnership with the National Institute for Health Research co-funding the NIHR Castang Foundation Advanced Fellowship Award given to Dr Alexandra Hendry at the University of Oxford to fund research into “refining testing and targeting an intervention to support the early development of executive functions amongst infants at elevated likelihood of autism and/or ADHD” The total cost for this award over a period of five years is £190,101 and in the year to 5 April 2024 the Trustees had paid £40,069 of this.

H. & M. CASTANG CHARITABLE TRUST CHARITY NUMBER 1003867 ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5[TH] APRIL 2024

Page 2.

Achievements and Performance (continued)

In addition the Trustees had made a grant during the year of £35,000 to a University of Newcastle study “ Researching Allied Health in Schools and Education”. This was a further study forming part of the BACD Funding Award. This award, of up to £35,000 per annum, has a further three years to run.

The year in question finished with the very sad news that Martin Bax passed away on 24 March. Martin had been a Trustee of the Foundation for 20 years and made a significant contribution to the field of neurology and childhood neurodisabilty, sitting on the boards of many national and internation organisations. Martin had been a major driving force behind the success of the Foundation until his retirement in October 2014

The Trust is not dependent upon the services of unpaid volunteers or donations-in-kind.

Public Benefit

The Trustees have considered their duty set out in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission, and in their opinion the foregoing report on the achievements and performance demonstrates that they have complied therewith.

Financial Review

Going concern

The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Results for the year

Unrestricted income for the year amounted to £81,756, all of which was from investment activities. Unrestricted resources expended during the year amounted to £137,575, of which £122,987 was in respect of funding research projects and £8,206 for the associated support costs.

Reserves Policy

The Trustees’ general reserve policy is to maintain sufficient in the income fund to cover commitments to research projects, (both in progress and agreed to in principle) and to ensure the smooth running of the day to day operations of the Trust. However, no strict reserve policy is necessary as the Trustees are permitted under the Trust Deed to spend Capital. The level of reserves and current commitments are reviewed regularly at Trustees’ meetings.

At the ended of the year, the total unrestricted funds amounted to £1,722,410 and total restricted funds were £45,814.

Governance, Structure and Management

Governance

In terms of civil law the operation of the Trust is governed by its Trust Deed through the Trustees and is a Charity registered with the Charity Commission for England and Wales (Charity Registration Number 1003867).

Structure and Management

Ian Burman acts as Clerk to the Trustees and deals with all general administration. Abigale Page acts as Treasurer and deals with the maintenance of the accounting records. Any policy decisions are taken by the full Board of Trustees. There were no changes in policy during the year.

Risk Management

The Trustees continue to monitor the major risks to which the Trust is exposed and are satisfied that adequate systems are in place to mitigate the exposure to those risks.

Recruitment and appointment of new trustees

The power of appointing new or additional Trustees is vested in the Trustees, who prior to appointment would be introduced to the workings of the Trust and advised of their joint and several responsibilities.

H. & M. CASTANG CHARITABLE TRUST CHARITY NUMBER 1003867 ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5[TH] APRIL 2024

Page 3.

Trustees

Michael Boyde Glynn FCA – Retired 17[th] January 2024 Ian Anthony Burman LLB Dr Paul Eunson Dr Jeremy Parr Abigail Page FCA

Working Name

Castang Foundation

Registered Office

Pinners Hall, 105-108 Old Broad Street, London, EC2N 1ER.

Accounting Records Maintained at

20 Eversley Road, Bexhill-on-Sea, East Sussex, TN40 1HE.

Solicitors

Laytons Solicitors LLP, Pinners Hall, 105-108 Old Broad Street, London, EC2N 1ER.

Bankers

National Westminster Bank plc., 9 Devonshire Road, Bexhill-on-Sea, East Sussex, TN40 1AG.

Stockbrokers

Charles Stanley & Company Limited, 25 Luke Street, London, EC2A 4AR.

Accountants

Gibbons Mannington & Phipps LLP, 20 Eversley Road, Bexhill-on-Sea, East Sussex, TN40 1HE.

Independent Examiner

Andy Childs FCA, Magee Gammon, Henwood House, Henwood, Ashford, Kent, TN24 8DH.

Web Site

www.castangfoundation.org.uk

On behalf of the Trustees:

Ian A. Burman

13th November 2024

Page 4.

H. & M. CASTANG CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024

Income
Capital
Notes
Fund
Fund
£
£
Income and endowments from:
Investments
Dividends received on equities
17
53,773
Interest received on other
Investments
18
12,929
Interest received on fixed interest
stocks
19
14,540
Stockbrokers account interest
514
Total income
81,756
0
Expenditure on:
Raising funds
6
15,416
Charitable activities
2
137,575
Total expenditure
137,575
15,416
Net income/(expenditure)
(55,819)
(15,416)
Transfer between funds
0
0
(55,819)
(15,416)
Gains/(losses) on investment assets
Unrealised
17-19
(51,438)
Realised
17-19
(741)
0
(52,179)
Net Movement In Funds
(55,819)
(67,595)
Reconciliation of Funds
Total Funds brought forward
269,823
1,576,001
Total Funds carried forward
214,004
1,508,406
Unrestricted Funds		 Restricted
Fund
£
0
0
0
0
0
0
45,814
45,814		 Total
2024
£
53,773
12,929
14,540
514
81,756
15,416
137,575
152,991
(71,235)
0
(71,235)
(51,438)
(741)
(52,179)
(123,414)
1,891,638
1,768,224		 Total
2023
£
53,421
9,996
13,163
351
76,931
10,731
64,672
75,403
1,528
0
1,528
(85,910)
(6,011)
(91,921)
(90,393)
1,982,031
1,891,638

H. & M. CASTANG CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2024

Page 5.

Notes
2024
£
£
Fixed assets
Investments:
Equities
17
1,163,642
Fixed income stocks
18
192,290
Other investments
19
325,831
1,681,763
Current assets
Debtors
11
0
Cash at bank and with stockbrokers
88,467
Total Current assets
88,467
Liabilities
Creditors: Amounts falling due within one year
12
2,006
Net Current assets
86,461
Net assets
1,768,224
The funds of the charity:
13
Unrestricted funds:
Capital fund
1,508,406
Income fund
214,004
Restricted fund
45,814
Total charity funds
1,768,224		 Notes
2024
£
£
Fixed assets
Investments:
Equities
17
1,163,642
Fixed income stocks
18
192,290
Other investments
19
325,831
1,681,763
Current assets
Debtors
11
0
Cash at bank and with stockbrokers
88,467
Total Current assets
88,467
Liabilities
Creditors: Amounts falling due within one year
12
2,006
Net Current assets
86,461
Net assets
1,768,224
The funds of the charity:
13
Unrestricted funds:
Capital fund
1,508,406
Income fund
214,004
Restricted fund
45,814
Total charity funds
1,768,224		 2023
£
£
1,253,639
194,979
372,434
1,821,052
0
72,883
72,883
2,297
70,586
1,891,638
1,576,001
269,823
45,814
1,891,638		 2023
£
£
1,253,639
194,979
372,434
1,821,052
0
72,883
72,883
2,297
70,586
1,891,638
1,576,001
269,823
45,814
1,891,638
1,681,763
86,461		 1,821,052
70,586
1,768,224 1,891,638
1,508,406
214,004
45,814		 1,576,001
269,823
45,814
1,768,224 1,891,638

Approved by the Board of Trustees on 13th November 2024

Ian Burman Dr Jeremy Parr

Dr Paul Eunson

Abigail Page

Page 6.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024

1. Accounting Policies

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

Financial Reporting Standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probably that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

Taxation

The charity is exempt from tax on its charitable activities.

Cash at bank and with stockbrokers

Cash at bank and with stockbrokers includes cash and short term highly liquid investments with a short maturity of three months or less from the opening of the deposit.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement value.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.
Charitable Activities
Research projects
Other costs
Governance costs		 2024
£
131,193
4,378
2,004
137,575		 2023
£
57,504
5,236
1,932
64,672

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2024

Page 7.

Research Projects
NIHR Castang Foundation Advanced Fellowship Award
Dr Alexandra Hendry, University of Oxford - Refining, testing and targeting
an intervention to support the early development of Executive Functions
amongst infants at elevated likelihood of autism and/or ADHD
BACD Funding Award - RAISE: Researching Allied Health in Schools and
Education
Newcastle University
Research staff and
running costs
Ian Crocker Study - A Heme-Binding Agent for the Prevention of Fetal
Vascular Compromise
Manchester University
Support costs		 2024
£
40,069
40,069
35,000
35,000
47,918
47,918
8,206
131,193		 2023
£
42,600
42,600
0
0
6,271
6,271
8,633
57,504

3. Research Projects

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2024

Page 8.

5.
Support costs
Trustees' expenditure:
Research into projects being considered
by the Trustees and monitoring those
supported by the charity
Raising funds
Governance costs
Allocated as follows:
Grants and research projects
Raising funds
Governance costs		 2024
£
8,206
15,416
2,004
25,626
8,206
15,416
2,004
25,626		 2023
£
8,633
10,731
1,932
21,296
8,633
10,731
1,932
21,296

Support costs comprises of research into projects being considered by the Trustees and monitoring those supported by the Charity. Management and administration comprises of costs for the running of the Charity itself as an organisation. Where costs cannot be directly attributed to either of these two categories, it is estimated based on activity levels that 60% of legal costs and 40% of accountancy charges are attributable to support costs with the balance attributable to management and administration.

6.
Raising funds
Investment management costs:
Stockbroker's nominee fees
Administrative fees
7.
Other costs
Bank charges and interest
Printing, stationery and website costs
Management and administrative fees
8.
Governance costs
Accountancy charges
Independent examiner's charges		 13,159
2,257
15,416
16
144
4,218
4,378
1,020
984
2,004		 8,321
2,410
10,731
12
388
4,836
5,236
996
936
1,932

9. Related party transactions

Transactions with Trustees

I.A. Burman Esq. is a partner in Laytons Solicitors LLP, the Trust's Solicitors, and benefits from the fees paid to that firm for legal and other duties. The total fees payable during the year were £7,590. At the year end there was no balance owing to Laytons Solicitors LLP.

A.M. Page is a Partner in Gibbons Mannington & Phipps LLP, the Trust's Accountants. The total fees payable for bookkeeping and accountancy services during the year were £7,416 At the year end there was a balance owed to Gibbons Mannington & Phipps LLP of £1,020.

Clause 14 of the Trust Deed permits remuneration to be paid to Trustees acting in a professional capacity and Paragraph 17 of the First Schedule to the Trust Deed permits reimbursement of Trustees expenses.

Other transactions

Glynn designs is a web design business owned by I. Glynn who is the son of M.B. Glynn. During the year payments totaling £144 were made to the business for web design and hosting fees.

Expenses

Expenses were reimbursed to two trustees for travel expenses during the year of £695.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2024

Page 9.

10. Investments
Equities
Quoted investments
£
(see notes 17,18 & 19)
Market value at 6th April 2023
1,253,639
Additions during the year
0
Disposals during the year
(45,747)
Net unrealised investment
gains/(losses)
(44,250)
Market value at 5th April 2024
1,163,642
Historical cost as at 5th
April 2024
839,371
11. Debtors
Other debtors
12. Creditors: Amounts falling due within one year
Other creditors
13. Statement of funds
Balance at
Incoming
06.04.2023
Resources
£
£
Unrestricted funds
Income fund
General
269,823
81,756
Capital Fund
1,576,001
0
1,845,824
81,756
Restricted funds
BACD fund
45,814
0
45,814
0
Total funds
1,891,638
81,756		 10. Investments
Equities
Quoted investments
£
(see notes 17,18 & 19)
Market value at 6th April 2023
1,253,639
Additions during the year
0
Disposals during the year
(45,747)
Net unrealised investment
gains/(losses)
(44,250)
Market value at 5th April 2024
1,163,642
Historical cost as at 5th
April 2024
839,371
11. Debtors
Other debtors
12. Creditors: Amounts falling due within one year
Other creditors
13. Statement of funds
Balance at
Incoming
06.04.2023
Resources
£
£
Unrestricted funds
Income fund
General
269,823
81,756
Capital Fund
1,576,001
0
1,845,824
81,756
Restricted funds
BACD fund
45,814
0
45,814
0
Total funds
1,891,638
81,756		 Equities
£
1,253,639
0
(45,747)
(44,250)		 Fixed
Income
Stocks
£
194,979
0
0
(2,689)		 Other
Investments
£
372,434
0
(42,104)
(4,499)		 Total
2024
£
1,821,052
0
(87,851)
(51,438)		 Total
2023
£
1,941,711
60,005
(94,754)
(85,910)
1,163,642 192,290 325,831 1,681,763 1,821,052
839,371 206,481 247,104 1,292,956 1,347,378
Resources
Expended
£
(137,575)
(15,416)		 Net gains/
(losses)
0
(52,179)		 2024
£
0		 2023
£
0
2,006 2,297
Transfers
£
0
0		 Balance at
05.04.2024
£
214,004
1,508,406
1,845,824 81,756 (152,991) (52,179) 0 1,722,410
45,814 0 0 0 0 45,814
45,814 0 0 0 0 45,814
1,891,638 81,756 (152,991) (52,179) 0 1,768,224

Details of restricted funds are as follows:

The BACD fund consist of a grant of £180,000 which will be expended on research projects. To date £169,186 has been expended.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2024

Page 10.

14. Future Commitments

Future Commitments
The Trustees have agreed to fund the following projects:
a. BACD
b. BACD (Restricted)
c.
University of Manchester - Ian Crocker Study
d. NIHR Castang Foundation Advanced Fellowship Award		 Total
Cost
£
175,000
180,000
165,665
190,101		 Future
at 5.4.24
£
140,000
45,814
4,641
76,339
Commitment
266,794

BACD

The Foundation has agreed a commitment of £175,000 to support research projects put forward by the British Academy of Childhood Disability (BACD).

This commitment will be paid over 5 years between 2023 and 2027 with £35,000 paid per annum.

BACD - Restricted

BACD made a grant of £180,000 which will be expended on research projects. There is a balance of £45,814 and the trustees are currently seeking a new project to allocate these fund to.

University of Manchester - Ian Crocker Study

The Foundation agreed to fund the cost of the study by Ian Crocker with the University of Manchester - Heme binding agent for the prevention of fetal vascular compromise. This is a three year project costing £165,665. Donations of £161,024 have already been made towards this study and a further donation of £25,000 has been made from another charity. The balance remaining is £4,641.

NIHR Castang Foundation Advanced Fellowship Award

The Foundation is working in partnership with the National Institute for Health Research (NIHR) Academy and is co-funding an NIHR Castang Foundation Advanced Fellowship Award. This has been awarded to Dr Alexandra Hendry at the University of Oxford to fund research into 'Refining, testing and targeting an intervention to support the early development of Executive Functions amongst infants at elevated likelihood of autism and/or ADHD'. This funding commenced during 2021/22 and the total cost to the Foundation is £190,101 over five years.

15. Analysis of net assets between funds

Fixed asset investments
Current assets
Creditors		 Income
Capital
Fund
Fund
£
£
173,357
1,508,406
42,653
0
(2,006)
0
214,004
1,508,406
Unrestricted Funds		 Restricted
Funds
£
0
45,814
0
45,814		 Total funds
2024
£
1,681,763
88,467
(2,006)
1,768,224		 Total funds
2023
£
1,821,052
72,883
(2,297)
1,891,638

H. & M. CASTANG CHARITABLE TRUST

Page 11.

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2024

16. Comparative Statement of Financial Activities

Income and endowments from:
Investments
Dividends received on equities
Interest received on other
Investments
Interest received on fixed interest
stocks
Stockbrokers account interest
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income/(expenditure)
Transfer between funds
Gains/(losses) on investment assets
Unrealised
Realised
Net Movement In Funds
Reconciliation of Funds
Total Funds brought forward
Total Funds carried forward		 Income
Capital
Fund
Fund
£
£
53,421
9,996
13,163
351
76,931
0
10,731
64,672
64,672
10,731
12,259
(10,731)
12,259
(10,731)
(85,910)
(6,011)
0
(91,921)
12,259
(102,652)
257,564
1,678,653
269,823
1,576,001
Unrestricted Funds		 Restricted
Fund
£
0
0
0
0
0
0
45,814
45,814		 Total
2023
£
53,421
9,996
13,163
351
76,931
10,731
64,672
75,403
1,528
0
1,528
(85,910)
(6,011)
(91,921)
(90,393)
1,982,031
1,891,638

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2024

Page 12.

17. Investments - Equities

At 6th April 2023
Acquisitions
Sa
Market
Held within the U.K.
Number
Value
Number
Cost
Number
£
£
AstraZeneca
Ordinary 25p Shares
700
81,158
19.05.2023
130
BAE Systems
Ordinary 2.5p Shares
8,500
84,575
19.05.2023
1,500
British American Tobacco
Ord 25p shares
1,870
52,454
BP
Ordinary 0.25US$ Shares
12,000
64,044
Diageo
Ordinary 28101/108p Shares
2,000
73,380
Digital 9 Infrastructure
Ord NPV
38,095
25,828
Foresight Solar Fund Ltd
NPV
40,000
44,160
GSK
Ordinary 25p Shares
4,000
59,488
Impact Healthcare Reit
Ordinary 1p shares
38,000
35,340
JPMorgan Global Core Real Assets
Ord NPV
40,000
34,240
Land Securities
Ordinary 10.6666666p Shares
4,570
28,197
Carried forward
582,864
0		 les
Proceeds
£
15,428
14,665		 Realised
Gains/
(Losses)
£
356
(260)		 Unrealised A
Gains/
(Losses)
Number
£
(5,552)
570
23,170
7,000
(8,902)
1,870
(3,312)
12,000
(16,390)
2,000
(17,219)
38,095
(11,080)
40,000
5,692
4,000
(3,420)
38,000
(7,040)
40,000
663
4,570
(43,390)		 t 5th April 202
Market
Value
£
60,534
92,820
43,552
60,732
56,990
8,609
33,080
65,180
31,920
27,200
28,860		 4
Historical
Cost
Date
£
Sep
17,260
Mar
Jun
31,120
Nov
May
50,235
Aug
Nov
Feb
Jun
51,597
Sep
Dec
Mar
Apr
12,840
Oct
40,275
Jun
May
39,949
Aug
Nov
Feb
Apr
Jul
63,143
Oct
Jan
May
39,599
Sep
Nov
Feb
May
40,275
Aug
Nov
Feb
Apr
24,094
Jul
Oct
Jan
410,387		 Dividend
Received
£
409.26
889.20
1,411.00
805.00
1,079.36
1,079.36
1,079.36
1,079.36
637.07
687.84
688.40
683.06
616.60
983.40
571.43
712.00
752.00
758.00
752.00
550.00
560.00
560.00
560.00
643.15
643.15
643.15
643.15
420.00
420.00
420.00
420.00
411.30
548.40
411.30
420.44
30,093 96 509,477 23,947.74

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2024

Page 13.

17. Investments - Equities (Continued)

At 6th April 2023
Acquisitions
S
Market
Held within the U.K.
Number
Value
Number
Cost
Number
£
£
Brought forward
582,864
0
Legal & General
Ordinary 2½p Shares
24,000
56,352
M.P. Evans Group
Ordinary 10p Shares
3,600
31,680
PRS Reit (The)
Ordinary 1p shares
29,205
23,685
RELX Group
Ordinary 14 51/116p Shares
3,400
89,250
19.05.2023
600
SDCL Energy Efficiency Income Trust
Ordianry 1p shares
40,000
34,320
Shell
Ordinary Euro 0.7
3,000
70,890
Supermarket Income REIT
Ordinary 1p Shares
36,000
30,456
Unilever
Ordinary 31/9p Shares
1,700
72,905
Vodafone
Ordinary US$0.2095238
29,000
25,940
shares
Held Outside the U.K.
Roche Holdings AG
Genusscheine NPV (NES)
300
71,189
Samarang Asset Management S.A.
Asian Prosperity A1
143
37,698
Schroder Oriental
Ordinary 1p Shares
35,000
89,600
Universal Music Group
1,850
36,810
Euro 10 shares
1,253,639
0		 ales
Proceeds
£
30,093
14,864		 Realised
Gains/
(Losses)
£
96
(886)		 Unrealised A
Gains/
(Losses)
Number
£
(43,390)
3,912
24,000
(2,016)
3,600
(905)
29,205
19,404
2,800
(10,720)
40,000
12,510
3,000
(3,168)
36,000
(7,676)
1,700
(6,052)
29,000
(13,296)
300
(854)
143
1,050
35,000
6,951
1,850
(44,250)		 t 5th April 2024
Market
Value
£
509,477
60,264
29,664
22,780
92,904
23,600
83,400
27,288
65,229
19,888
57,893
36,844
90,650
43,761
Historical
Cost
Date
£
410,387
Jun
34,670
Sep
Jun
29,454
Nov
May
29,426
Sep
Nov
Mar
Jun
18,118
Sep
Jun
40,677
Sep
Dec
Mar
Jun
Sep
39,095
Dec
Mar
May
37,161
Aug
Nov
Feb
Jun
15,457
Aug
Dec
Mar
Aug
45,233
Feb
30,374
Mar
41,042
Dec
May
Aug
37,726
Nov
Feb
Jun
30,551
Oct
839,371		 Dividend
Received
£
23,947.74
3,343.20
1,370.40
1,080.00
450.00
292.05
292.05
292.06
292.06
1,322.60
476.00
600.00
624.00
624.00
624.00
689.70
783.60
789.30
807.00
540.00
540.00
545.40
545.40
643.11
629.00
631.55
619.99
1,120.47
1,115.12
1,644.28
1,681.68
700.00
700.00
2,030.00
700.00
362.04
325.35
44,957 (790) 1,163,642 53,773.15

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2024

Page 14.

18. Investments - Fixed Income Stocks

At 6th April 2023 Acquisitions Acquisitions Sales Sales Realised Unrealised At 5th April 2024
Market Gains/ Gains/ Market Historical Income
Held within the U.K. Number Value Number Cost Number Proceeds (Losses) (Losses) Number Value Cost Date Received
£ £ £ £ £ £ £ £ £ £ £ £
CG Portfiolio Fund
The Dollar Fund CLS 'D' 300 49,983 (2,562) 300 47,421 48,186 Nov 886.52
CQS New City High Yield Fund Ltd May 1,000.00
Ordinary Shares 100,000 48,650 2,950 100,000 51,600 52,388 Aug 1,490.00
Nov 1,000.00
Feb 1,000.00
GCP Infrastructure Investments Ltd Jun 267.59
Ordinary C £0.01 15,291 13,227 (2,325) 15,291 10,902 16,095 Sep 267.59
Dec 267.59
Mar 267.59
Invesco Bond Income Plus May 862.50
Ordinary NPV 30,000 49,125 2,475 30,000 51,600 55,147 Aug 862.50
Nov 862.50
Feb 862.50
Held Outside the U.K.
Biopharma Credit Apr 1,157.61
Ord USD0.01 Shares 44,000 33,994 (3,227) 44,000 30,767 34,665 May 602.51
Sep 597.09
Jan 1,275.85
Mar 1,010.33
194,979 0 0 0 (2,689) 192,290 206,481 14,540.27
**19. ** Investments - Other
At 6th April 2023 Acquisitions Sales Realised Unrealised
 At 5th April 2024
Market Gains/ Gains/ Market Historical Dividend
Held within the U.K. Number Value Number Cost Number Proceeds (Losses) (Losses) Number Value Cost Date Received
£ £ £ £ £ £ £ £
Bny Mellon Managers Ltd Sep 605.17
Real Return 39,000 42,104 01.03.2024 39,000 42,153 49 Feb 619.37
Charities Property Fund May 705.05
Income Shares 50,000 63,190 (3,785) 50,000 59,405 60,120 Aug 758.60
Nov 736.10
Feb 1,655.65
Ruffer Investment Company Oct 396.00
Red Ptg Pref .0001p Shares 24,000 74,160 (9,960) 24,000 64,200 30,814 Mar 480.00
Held Outside the U.K.
Trojan Investments Funds Jun 1,012.52
Trojan Global Income O Inc 78,000.00 98,888 27.06.2023 (513.49) 0 (1,162) 77,486.51 97,726 89,342 Oct 612.61
Transfer to different security Jan 792.30
Mar 676.61
Veritas Fund Apr 861.52
Global Equity Income Sterling 400 94,092 10,408 400 104,500 66,828 Oct 2,155.68
Apr 861.52
372,434 0 42,153 49 (4,499) 325,831 247,104 12,928.70

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF H. & M. CASTANG CHARITABLE TRUST FOR THE YEAR ENDED 5TH APRIL 2024

Page 15

I report on the accounts for the year ended 5th April 2024 set out on pages 4 to 14.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.

It is my responsibility to

Basis of the independent examiner’s report

My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect the requirements:

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

  3. to prepare accounts which accord with the accounting records and comply with the

  4. Accounting requirements of the 2011 Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Andy Childs FCA Magee Gammon Henwood House Henwood Ashford, Kent TN24 8DH

29th November 2024